Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Canaan ( (CAN) ) has issued an announcement.
On January 6, 2026, Canaan Inc. announced a 3.0 MW proof-of-concept heat recovery project in partnership with Bitforest Investment in Manitoba, Canada, using its Avalon liquid-cooled computing servers to capture and reuse waste heat as a supplemental source for greenhouse operations. Over an initial 24‑month term, Canaan will deploy 360 Avalon A1566HA-460T servers and four liquid-cooling container modules, with the recovered heat preheating intake water for electric boilers in a closed-loop system that aims to capture about 90% of the electricity consumed as usable heat, reduce the need for conventional cooling infrastructure, and benefit from a low power cost of US$0.035/kWh. The initiative positions Canaan to build a replicable, data-driven model for industrial heat reuse—particularly for agriculture in colder climates—potentially improving capital and operating efficiency, supporting carbon-pricing-driven decarbonization in greenhouse heating, and reinforcing the company’s broader push into energy-efficient, sustainable applications of high-density computing beyond traditional crypto mining.
The most recent analyst rating on (CAN) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
Spark’s Take on CAN Stock
According to Spark, TipRanks’ AI Analyst, CAN is a Neutral.
Canaan’s overall stock score is primarily impacted by its financial challenges, including negative profit margins and cash flows. Despite strong recent earnings performance and optimistic guidance, the stock’s valuation remains unattractive due to ongoing losses. Technical indicators suggest potential bearish momentum, further weighing on the score.
To see Spark’s full report on CAN stock, click here.
More about Canaan
Canaan Inc., founded in 2013 and listed on Nasdaq, is a technology company specializing in ASIC high-performance computing chip design, R&D, computing equipment production, and software services. Best known for its Avalon-branded bitcoin mining machines, the company holds the second-largest share of the global bitcoin mining hardware market, leveraging its semiconductor expertise to develop power-efficient systems for high-density computing and crypto mining applications.
Average Trading Volume: 42,505,866
Technical Sentiment Signal: Strong Sell
Current Market Cap: $470M
For detailed information about CAN stock, go to TipRanks’ Stock Analysis page.